Case Study: The word methodology or project management methodology was initially defined in the year 1960. It happened when many business companies started to view things in an effective manner that...

Case Study:

The word methodology or project management methodology was initially defined in the year 1960. It happened when many business companies started to view things in an effective manner that could make the process simple with the realization of many advantages to business and making the work into a more structured and distinct identity (Martinelli & Milosevic, 2016). The concept of communication as well as collaboration were some of the important points for setting the productive work association especially between departments and teams within one or the similar company. From that time, this term has modified many times and new concepts have been developed with new components and operations being added in the process.

Role it serves in project management

The motive of the project based methodology is to permit the overall control over the management process with the help of sound decisions and solving of the issues. It is also important to ensure the overall success of the particular processes, along with approach, tools, methods and varied advanced technologies (Nicholas & Steyn, 2017). In a typical sense the methodology helps works as a skeleton of defining each and every step in depth, by which a manager can understand the process in order to deliver and execute the work as per the schedule, client specification as well as budget. Following are some of the achievements of methodologies in project management: -
1.    Importance of stakeholders
2.    Common ground or language which is set and understood by the team so that expectations can be cleared.

3.    Estimates of cost which is complete, credible and right
4.    Each work is finished by utilizing a common base for methodological principle (Hill, 2013)
5.    Different conflicts that can be traced and solved in early stage.

Project management Body of Knowledge (PMBOK)
This form of methodology cannot be directly compared directly with PM methodology in the pure form, there are number of people that regard it as same approach of methodology in planning, implementing, terminating and controlling many projects. At the same time, PMBOK can be defined as a broad or huge inventory of various best functions as well as ideas based on executing and planning different projects (Bryman & Bell, 2015). It is important to understand here that it should be treated as a guide however not as project based management methods.

PRINCE2
PRINCE2 can be defined as projects in control environment which can be defined as a suite of various process based methods as well as documentation based approaches that permit driving many projects especially in private sector. It was initially introduced by government of UK and in the present time it worked as a perfect example of project management methods used in UK as well as on many global platforms (Nicholas & Steyn, 2017).

How PMBOK and PRINCE2 relate to project life cycle?
The first thing to notice in PRINCE2 is clearly related to project life cycle and it is based with 6 out of 8 important processes which are functioning from initiating the project to actually closing it. The components like planning as well as directing a project are constant processes that provide support to other six. In the end, PRINCE2 can be defined as three important methods like Product based planning as well as quality related reviews along with controlling the change (Kloppenborg et al, 2014).

The project management discussed through PMBOK and these are often known as methodologies, this process play double side role. They also provide the tool related to tactics and guides as project manager and for various members of project team to impact fully manage the project (Brioso, 2015).  In product life cycle, PMBOK plays important role discussed below: -

1.    Cost management of project
2.    Integration management of project
3.    Scope based management of project
4.    Time management of project
5.    Associated quality management of project
6.    Human resource management of project
7.    Communication based management of project (Brioso, 2015)
8.    Risk management of associated project
9.    Procurement management of the projects